Should a guy own a car considering how ridiculously expensive it is to own a car in Singapore?
My stand on this is yes. A guy should own a car ONLY when his income is high enough; have kids and substantial saving in the bank and investment.
By not owning a car doesn’t make him uncool, weak or lower status than one that does. At least this is what I perceive in the context of Singapore.
If you know a bit about investment or saving, (going by compound interest) the earlier you start, the more significantly lower the amount of money you need to save when you are older in order to save a certain amount of money.
Let’s say if you are earning 2.5k per month, around 900 will be taken from your pay to maintain your car. That’s more than 35%. Why will you want to have more than 35% of your money spend on something that is not a necessity and its value depreciate over time?
Yes, it’s cool and it feels great to have your own car, not to mention it’s convenient. But other than that, is it wise or necessary to own a car?
Having one of the best public transport systems in the world, we can travel easily to any part of the island.
Unlike countries with territories that span across thousand of kilometers with no proper public transport system, it’s not necessary to own a car when you are young with no kids. The hefty price tag you have to pay for the car should be put into better use.